This year, Brazilians have spent more than ever purchasing crypto assets, and in May, they broke prior spending records by spending a total of USD 912 million on coins.
According to Portal de Bitcoin, the data was published by the country’s Central Bank, which has yet to collect and publish information for June, July, and August.
The May 2022 amount exceeds the previous record high, set precisely one year prior in May 2021, when Brazilians purchased USD 756 million.
The Central Bank monitors cryptocurrency purchases in a monthly report titled “Commercial Balance of Goods.”
Perhaps it is surprising that the bank classifies all crypto-related transactions under imported products since it deems the local creation of tokens through crypto mining to be statistically insignificant.
Central Bank of Brazil. Image: Bnamericas
Digital real is undergoing testing.
The Central Bank’s prototype digital fiat – the so-called digital realm – will be ready for real-world testing by the beginning of the second quarter of 2023, according to the daily Globo.
A behind-closed-doors pilot test is already underway in collaboration with crypto, blockchain, and financial companies.
Roberto Campos Neto, the bank’s president, has previously indicated that the current tests are scheduled to continue until January 2023. After this point, testing will conclude, and the bank will conduct evaluations connected to proof of concept before the beginning of real-world testing.
The bank told Globo that the next phase of the pilot will begin in 2023 and continue through the end of the following year. The bank said that “just a small number of participants” would have access to the digital realm.
The bank asserts that its effort would increase financial inclusion in the digital era, with unbanked citizens benefiting the most.
The Central Bank has declined to set a date for a statewide deployment, claiming that it will rely on the results of its testing.